An unexpectedly large build in US oil stockpiles pressured energy futures lower, dragging on a widely-followed gauge for the entire commodities complex.
According to the US Department of Energy, commercial crude oil inventories in the States jumped by 5.8m barrels a day over the week ending on 2 November, easily outpacing analysts' forecasts for a rise of 2.4m b/d, as domestic output jumped and exports slipped.
In reaction to those figures, WTI futures for December advanced 1.03% to $61.57 a barrel on the NYMEX, having earlier risen following a report from Russia's TASS that officials from Moscow and Riyadh had broached the possibility of output cuts.
Data within that same DoE report also triggered big price swings in gasoline and heating oil futures, with the former dropping by 2.73% to $1.6478 a gallon on NYMEX.
As of 1951 GMT, the US dollar spot index was down by 0.26% to 96.0630, but well-off its earlier lows, while Bloomberg's commodity index was little changed, drifting lower by 0.03% to 83.68.
To take note of, the Greenback had been knocked lower in overnight trading, as investors priced-out the near-term chances for further fiscal stimulus in the States in the wake of the midterm election results.
In base metals, three-month copper futures on the LME drifted down from $6,155 per metric tonne at the start of trading to finish at $6,153 per tonne.
Aluminium futures on the other hand did find a bid after Norsk Hydro had restrictions to its Alunorte operations confirmed by the state court, traders at Sucden Financial said.
Gold futures were a tad higher alongside, adding 0.20% to trade at $1,228.70/oz. on COMEX.
In agricultural futures, cotton#2 futures on the ICE added 2.43% to trade at $0.7931 a pound.